BIOMARIN PHARMACEUTICAL INC
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 6, 2026
BMRN$56.03-0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0001048477-26-000008
Item 2. Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001048477-26-000016
Item 2. Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 78 previous paragraphs and 88 current paragraphs.
40 unchanged; 30 reworded; 16 added; 8 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
•GALAFOLD and POMBILITI + OPFOLDA: revenues from commercial products acquired on April 27, 2026;
Current report
•VIMIZIM: lower sales volume due to timing of large government orders outside the U.S.; and
Current report
downs and amortization of acquired inventory fair value step-up recorded from business combinations.
Current report
Other Income, Net for the periods presented was as follows:
Current report
As of June 30, 2026, we had approximately $4.3 billion (undiscounted) aggregate principal amount of indebtedness, which requires and will require material cash payments for interest and principal. Our indebtedness consisted of:
Current report
•$600.0 million aggregate principal amount of 1.25% senior subordinated convertible notes due May 2027 (the 2027 Notes);
Current report
•$850.0 million aggregate principal amount of 5.5% senior unsecured notes due February 2034;
Current report
•$800.0 million outstanding under a senior secured term loan A facility maturing in April 2031 (the Term Loan A Facility); and
Current report
Our increased indebtedness has increased our cash requirements, including fixed-rate interest payments on the 2027 Notes and 2034 Notes, variable-rate interest payments and scheduled principal payments under the Term Facilities. The 2027 Notes mature in May 2027 and, to the extent not converted, repurchased, refinanced or otherwise settled before maturity, will be required to be paid in cash. See also “In addition, our ability to refinance our indebtedness will depend on capital markets and our financial condition at such time” in “Risk Factors” included in Part II, Item 1A of this Quarterly Report.
Current report
In April 2026, we also entered into a $600.0 million senior secured revolving credit facility maturing in April 2031 (the 2026 Revolving Facility and, together with the Term Facilities, the 2026 Senior Secured Credit Facilities). As of June 30, 2026, $600.0 million was available under the 2026 Revolving Facility subject to satisfaction of the applicable borrowing conditions under the credit agreement governing the 2026 Senior Secured Credit Facilities (the 2026 Credit Agreement), for working capital and general corporate purposes. As of June 30, 2026, there were no amounts outstanding under the 2026 Revolving Facility.
Current report
Borrowings under the Term Facilities bear interest, at our option, at either (a) an alternate base rate, which is defined as a fluctuating rate per annum equal to the greatest of (i) the prime rate then in effect, (ii) the federal funds effective rate then in effect plus 0.50% per annum, (iii) a term Secured Overnight Financing Rate (SOFR) rate determined on the basis of a one-month interest period plus 1.00% per annum and (iv) 1.00%, in each case, plus the applicable margin, or (b) a term SOFR rate based on a one-, three- or six-month interest period, plus the applicable margin. The applicable margin for borrowings under the Term Loan B Facility is 0.75% for alternate base rate borrowings and 1.75% for term SOFR borrowings. The applicable margin for borrowings under the
Current report
Term Loan A Facility is initially 0.75% for alternate base rate borrowings and 1.75% for term SOFR borrowings and, beginning on the first business day immediately following delivery of the compliance certificate for the first full fiscal quarter ending after April 27, 2026, ranges from 0.00% to 0.75% for alternate base rate borrowings and from 1.00% to 1.75% for term SOFR borrowings, in each case based on our total net leverage ratio. Dollar-denominated borrowings under the 2026 Revolving Facility, if any, bear interest on the same basis and at the same applicable margins as borrowings under the Term Loan A Facility. Interest on alternate base rate borrowings is payable quarterly in arrears on the last business day of March, June, September and December and on the applicable maturity date. Interest on term SOFR borrowings is payable in arrears on the last day of the applicable interest period or, if earlier, on the maturity date of the applicable facility and, for any interest period exceeding three months, every three months after the beginning of such interest period. As a result, our interest expense and cash requirements under the Term Facilities will vary based on changes in applicable benchmark interest rates. See also “Interest Rate Market Risk” in “Quantitative and Qualitative Disclosures About Market Risk” included in Part I, Item 3 of this Quarterly Report.
Current report
Our obligations under the 2026 Credit Agreement are guaranteed by certain of our subsidiaries and secured by first-priority liens on substantially all of our and the guarantors’ assets, subject to specified exceptions. The 2026 Credit Agreement contains customary affirmative and negative covenants, including covenants that restrict, subject to specified exceptions, our ability to incur additional indebtedness, create liens, make investments, pay dividends or make other restricted payments, dispose of assets and enter into transactions with affiliates. In addition, the Term Loan A Facility and 2026 Revolving Facility require us to maintain a maximum Total Net Leverage Ratio (as defined in the 2026 Credit Agreement) of 3.50 to 1.00, subject to a temporary increase to 4.00 to 1.00 in connection with certain acquisitions, and a minimum Interest Coverage Ratio (as defined in the 2026 Credit Agreement) of 3.00 to 1.00. As of June 30, 2026, we are in compliance with these covenants.
Current report
Our increased indebtedness has increased our cash requirements, including fixed-rate interest payments on the 2027 Notes and 2034 Notes, variable-rate interest payments and scheduled principal payments under the Term Facilities. See Note 7 -Debt to our Condensed Consolidated Financial Statements for additional information regarding our indebtedness.
Removed paragraphs (8)
Previous report
•VIMIZIM and NAGLAZYME: higher sales volume due to timing of orders in countries that place large government orders, primarily from countries in the Middle East and Latin America;
Previous report
•BRINEURA: higher sales volume due to new patients initiating therapy across all regions and timing of orders in countries that place large government orders; and
Previous report
•ROCTAVIAN: lower sales volume due to our voluntary withdrawal of the product from the market announced in the first quarter of 2026.
Previous report
Other Income (Expense), Net for the periods presented was as follows:
Previous report
Our $1.5 billion (undiscounted) of long-term debt as of March 31, 2026 will impact our liquidity due to the semi-annual cash interest payments as well as the repayment of the principal amount. As of March 31, 2026, our indebtedness consisted of our 5.5% senior unsecured notes due to be repaid in cash at maturity in February 2034, and senior subordinated convertible notes due in 2027, which, if not converted, will be required to be repaid in cash at maturity in May 2027.
Previous report
In December 2025, we entered into a debt financing commitment letter and related fee letter with certain lenders, pursuant to which the lenders committed to provide the Company with debt financing up to approximately $3.7 billion (the Bridge Commitment) in the form of a 364-day senior secured bridge loan facility (Bridge Facility), the proceeds of which would be available for the acquisition of Amicus. In connection with the issuance of the 2034 Notes in February 2026, the Bridge Commitment was reduced from $3.7 billion to $2.8 billion.
Reworded paragraphs (30)
Previous wording
The increase in Net Product Revenues for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was primarily attributed to the following:
Current wording
The increase in Net Product Revenues for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 was primarily attributed to the following:
Previous wording
•VOXZOGO: higher sales volume from new patients initiating therapy across all regions.
Current wording
•VOXZOGO: higher sales volume from new patients initiating therapy across all regions; and
Previous wording
•ALDURAZYME: lower sales volume due to timing of order fulfillment to Sanofi; and
Current wording
•ALDURAZYME: lower sales volume due to timing of order fulfillment to Sanofi.
Previous wording
In certain countries, governments place large periodic orders for our products. We expect that the timing of these large government orders will continue to be inconsistent, which has created in the past and may continue to create significant period to period variation in our revenues. We expect Total Revenues to increase over the next 12 months following the Amicus acquisition that closed in April 2026.
Current wording
In certain countries, governments place large periodic orders for our products. We expect that the timing of these large government orders will continue to be inconsistent, which has created in the past and may continue to create significant period to period variation in our revenues.
Previous wording
With respect to VOXZOGO, see also the risk factors “Our success depends on our ability to manage our growth and execute our corporate strategy.” and “If we fail to compete successfully with respect to product sales, we may be unable to generate sufficient sales to recover our expenses related to the development of a product program or to justify continued marketing of a product and our revenues could be adversely affected.” in "Risk Factors" in Part II, Item 1A of this Quarterly Report for additional information on risk factors that could impact our business and operations.
Current wording
With respect to VOXZOGO, GALAFOLD and POMBILITI + OPFOLDA, see also the risk factors “Our success depends on our ability to manage our growth and execute our corporate strategy.” and “If we fail to compete successfully with respect to product sales, we may be unable to generate sufficient sales to recover our expenses related to the development of a product program or to justify continued marketing of a product and our revenues could be adversely affected.” in "Risk Factors" in Part II, Item 1A of this Quarterly Report for additional information on risk factors that could impact our business and operations.
Previous wording
hedging program, such as the Argentine Peso. With respect to the risks posed by fluctuations of both hedged and unhedged currencies against the U.S. dollar (USD), see the risk factor “Our international operations pose currency risks, which may adversely affect our operating results and net income” in “Risk Factors” included in Part II, Item 1Aof this Quarterly Report for additional information. The following table shows our Net Product Revenues denominated in USD and foreign currencies:
Current wording
hedging program, such as the Argentine Peso. With respect to the risks posed by fluctuations of both hedged and unhedged currencies against the U.S. dollar (USD), see the risk factor “Our international operations pose currency risks, which may adversely affect our operating results and net income” in “Risk Factors” included in Part II, Item 1Aof this Quarterly Report for additional information.
Previous wording
The favorable impact for the three months ended March 31, 2026 was primarily driven by strengthening of the Euro and Mexican Peso, partially offset by weakening of the Argentine Peso and the Japanese Yen. The unfavorable impact for the three months ended March 31, 2025 was primarily driven by weakening of the Brazilian Real, Euro, Colombian Peso and Argentine Peso.
Current wording
The favorable impact for the three and six months ended June 30, 2026 was primarily driven by strengthening of the Euro, partially offset by weakening of the Argentine Peso. The unfavorable impact for the three and six months ended June 30, 2025 was primarily driven by weakening of the Argentine Peso, Brazilian Real and Mexican Peso.
Previous wording
Cost of Sales includes raw materials, personnel and facility and other costs associated with manufacturing our commercial products. These costs include production materials, production costs at our manufacturing facilities, third-party manufacturing costs, amortization of technology transfer intangible assets and internal and external final formulation and packaging costs. Cost of Sales also includes royalties payable to third parties based on sales of our products, idle plant costs and charges for inventory write
Current wording
Cost of Sales includes raw materials, personnel and facility and other costs associated with manufacturing our commercial products. These costs include production materials, production costs at our manufacturing facilities, third-party manufacturing costs, amortization of technology transfer intangible assets and internal and external final formulation and packaging costs. Cost of Sales also includes royalties payable to third parties based on sales of our products, idle plant costs, charges for inventory write
Previous wording
Cost of Sales increased and Gross Margin decreased in the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a $31.0 million charge associated with an unsuccessful process qualification campaign to expand NAGLAZYME manufacturing capabilities.
Current wording
Cost of sales increased and Gross margin decreased in the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to an increase in sales volume and amortization of acquired inventory fair value step-up associated with the products acquired from Amicus. Cost of sales increased and Gross margin decreased in the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to an increase in sales volume, a $31.0 million charge recorded in first quarter of 2026 associated with an unsuccessful process qualification campaign to expand NAGLAZYME manufacturing capabilities, and amortization of acquired inventory fair value step-up.
Previous wording
The increase in R&D expense for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was primarily due to higher spend on BMN 401, a later-stage clinical program acquired in the third quarter of 2025.
Current wording
The increase in R&D expense for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 was primarily due to higher spend on BMN 401, a later-stage clinical program acquired in the third quarter of 2025, and an increase in R&D spend for two marketed products acquired from Amicus in April 2026. These increases were partially offset by lower spend on Research and early pipeline due to discontinued programs.
Previous wording
The increase in S&M expense for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was primarily due to increased spending related to global expansion of Enzyme Therapies and VOXZOGO.
Current wording
The increase in S&M expense for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 was primarily due to expenses associated with commercial products acquired in the Amicus transaction and higher spend related to global expansion of VOXZOGO.
Previous wording
The increase in G&A expense for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was primarily due to incremental administrative costs related to ongoing support of corporate initiatives and pre-close costs related to Amicus acquisition.
Current wording
The increase in G&A expense for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 was primarily due to integration and restructuring charges related to the acquisition of Amicus and incremental administrative costs related to ongoing support of corporate initiatives.
Previous wording
Amortization of Intangible Assets for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was relatively flat. We expect Intangible Asset Amortization to significantly increase over the next 12 months following the Amicus acquisition that closed in April 2026.
Current wording
The increase in Amortization of intangible assets for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 was primarily due to the amortization of the intangible assets acquired from Amicus on April 27, 2026. With the addition on the acquired intangible assets, we expect amortization of intangible assets to increase over the next 12 months.
Previous wording
The increase in Interest Income for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was mainly due to higher levels of cash, cash equivalents and investment balances. The $850.0 million proceeds from the issuance of 2034 Notes in the first quarter of 2026 were held in escrow and invested in money market funds as of March 31, 2026. We expect Interest Income to decrease over the next 12 months due to lower cash and investment balances following the Amicus acquisition that closed in April 2026.
Current wording
The decrease in Interest income for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 was primarily due to lower cash and investment balances as investments were liquidated to fund a portion of the Amicus transaction. We expect Interest income to decrease over the next 12 months due to lower cash and investment balances.
Previous wording
The increase in Interest Expense for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was primarily due to issuance of 2034 Notes for $850.0 million aggregate principal in February 2026, and $5.3 million of bridge commitment fees recognized during the three months ended March 31, 2026. We expect Interest Expense to significantly increase over the next 12 months due to the financing related to the Amicus acquisition that closed in April 2026, including the new term loans issued in April 2026. See Note 6 and Note 13 to our accompanying Condensed Consolidated Financial Statements for additional information regarding our debt.
Current wording
The increase in Interest expense for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 was primarily due to borrowings obtained to finance a portion of the Amicus transaction in April 2026. The increase was also partially attributable to bridge commitment fees that were amortized to interest expense following the termination of the bridge commitment. We expect Interest expense to increase over the next 12 months due to long-term debt financings completed in 2026. See Note 7 - Debt to our accompanying Condensed Consolidated Financial Statements for additional information regarding our debt.
Previous wording
The increase in Other Income (Expense), Net for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was primarily due to gain on sale of marketable securities resulting from the sale of our short-term and long-term investments to fund the Amicus acquisition that closed in April 2026.
Current wording
Other Income, Net for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was relatively flat. The increase in Other Income, Net for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was primarily due to gain on sale of marketable securities resulting from the sale of our short-term and long-term investments to fund the Amicus transaction.
Previous wording
The decrease in Provision for Income Taxes for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was primarily due to lower pre-tax income, partially offset by higher tax expense related to stock based compensation.
Current wording
The decrease in Provision for Income Taxes for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 was primarily due to lower pre-tax income.
Previous wording
Our cash, cash equivalents, restricted cash equivalents and investments as of March 31, 2026 and December 31, 2025 were as follows:
Current wording
Our cash, cash equivalents and investments as of June 30, 2026 and December 31, 2025 were as follows:
Previous wording
We believe cash generated from sales of our commercial products, in addition to our cash, cash equivalents and restricted cash equivalents and external financings, will be sufficient to satisfy our liquidity requirements for at least the next 12 months, including our debt service commitments relating to the Amicus acquisition. We believe we will meet longer-term expected future cash requirements and obligations through a combination of cash flows from operating activities and available cash. We will need to raise additional funds by issuing equity, debt or convertible securities, taking loans or entering into collaborative or other agreements if we are unable to satisfy our liquidity requirements. For example, we may require additional financing to fund the repayment of our outstanding indebtedness, future milestone payments and our future operations, including the commercialization of our products and product candidates currently under development, preclinical studies and clinical trials, and potential licenses and acquisitions. The timing and mix of our funding alternatives could change depending on many factors, including how much we elect to spend on our development programs, potential licenses and acquisitions of complementary technologies, products and companies or if we settle our long-term debt in cash. In addition, depending on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors, we may also from time to time seek to retire or purchase our outstanding convertible debt through cash purchases and/or exchanges for equity securities, in open market purchases, privately negotiated transactions or otherwise.
Current wording
We believe cash generated from sales of our commercial products, in addition to our cash, cash equivalents and external financings, will be sufficient to satisfy our liquidity requirements for at least the next 12 months, including our debt service commitments relating to the Amicus acquisition. We believe we will meet longer-term expected future cash requirements and obligations through a combination of cash flows from operating activities and available cash. We will need to raise additional funds by issuing equity, debt or convertible securities, taking loans or entering into collaborative or other agreements if we are unable to satisfy our liquidity requirements. For example, we may require additional financing to fund the repayment of our outstanding indebtedness, future milestone payments and our future operations, including the commercialization of our products and product candidates currently under development, preclinical studies and clinical trials, and potential licenses and acquisitions. The timing and mix of our funding alternatives could change depending on many factors, including how much we elect to spend on our development programs, potential licenses and acquisitions of complementary technologies, products and companies or if we settle our long-term debt in cash. In addition, depending on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors, we may also from time to time seek to retire or purchase our outstanding convertible debt through cash purchases and/or exchanges for equity securities, in open market purchases, privately negotiated transactions or otherwise.
Previous wording
The increase in net cash provided by operating activities in the three months ended March 31, 2026 compared to March 31, 2025 was primarily attributed to decrease in inventory campaigns and timing of cash receipts from our customers, partially offset by decrease in net income.
Current wording
The increase in net cash provided by operating activities in the six months ended June 30, 2026 compared to June 30, 2025 was primarily attributed to timing of cash receipts from our customers and a decrease in inventory purchases, partially offset by a decrease in Net Income.
Previous wording
The increase in net cash provided by investing activities in the three months ended March 31, 2026 compared to March 31, 2025 was primarily attributable to higher net maturities of available-for-sale (AFS) securities. All of the proceeds from the sale of these AFS securities were held as cash and subsequently used to finance a portion of the Amicus acquisition that closed in April 2026.
Current wording
The increase in net cash used in investing activities in the six months ended June 30, 2026 compared to June 30, 2025 was primarily attributable to approximately $5.1 billion net cash paid for acquisition of Amicus, partially offset by higher net maturities of marketable securities.
Previous wording
The increase in net cash provided by financing activities in the three months ended March 31, 2026 compared to March 31, 2025 was primarily attributable to proceeds from the issuance of 2034 Notes. The proceeds from the 2034 Notes were held in escrow as of March 31, 2026 and subsequently used to finance a portion of the Amicus acquisition that closed in April 2026.
Current wording
The increase in net cash provided by financing activities in the six months ended June 30, 2026 compared to June 30, 2025 was primarily attributable to proceeds from the secured term loan facilities and the 2034 Notes.
Previous wording
In April 2026, in connection with the Amicus acquisition, we incurred $2.0 billion of indebtedness under a senior secured term loan B facility and $800.0 million of indebtedness under a senior secured term loan A facility (together Term Facilities) and entered into a $600.0 million senior secured revolving credit facility (2026 Revolving Facility and, together with the Term Facilities, the 2026 Senior Secured Credit Facilities). Upon entry into the Term Facilities, the remaining Bridge Commitment was reduced to zero. The term loan B facility matures in April 2033, and the term loan A facility and 2026 Revolving Facility each mature in April 2031. Borrowings under the Term Facilities and the 2026 Revolving Facility bear interest at the applicable interest rates specified in the credit agreement governing the 2026 Senior Secured Credit Facilities (the 2026 Credit Agreement). The 2026 Credit Agreement contains customary affirmative and negative covenants, including, among others, covenants that restrict our ability to incur additional indebtedness, create liens, make investments, pay dividends or make other restricted payments, dispose of assets, and enter into transactions with affiliates, in each case subject to exceptions set forth in the 2026 Credit Agreement.
Current wording
•$2,000.0 million outstanding under a senior secured term loan B facility maturing in April 2033 (the Term Loan B Facility, and, together with the Term Loan A Facility, the Term Facilities).
Previous wording
In connection with the Amicus acquisition, we used approximately $1.6 billion of cash on hand, together with net proceeds from the 2034 Notes and borrowings under the Term Facilities, to fund the aggregate cash consideration of approximately $5.2 billion. As a result, our total indebtedness increased from approximately $1.5 billion as of March 31, 2026 to approximately $4.3 billion, and our material cash requirements have increased significantly, including semi-annual fixed-rate interest payments on the 2027 Notes and 2034 Notes, variable-rate interest payments on the Term Facilities, and scheduled principal repayments. The $600.0 million 2026 Revolving Facility remains available for working capital and general corporate purposes.
Current wording
In April 2026, we used the net proceeds from the 2034 Notes, borrowings under the Term Facilities and approximately $1.7 billion of cash on hand to fund the consideration payable in connection with the Amicus acquisition, totaling approximately $5.3 billion. As a result of the acquisition financing, the aggregate principal amount of our indebtedness increased from approximately $1.5 billion as of March 31, 2026 to approximately $4.3 billion as of June 30, 2026.
Previous wording
In August 2024, we entered into an unsecured revolving credit facility (2024 Revolving Facility) providing for $600.0 million in revolving loan commitments. The 2024 Revolving Facility was intended to finance ongoing working capital needs and for other general corporate purposes. The credit facility contains financial covenants including a maximum total net leverage ratio and a minimum interest coverage ratio. The 2024 Revolving Facility was to mature in August 2029. As of March 31, 2026, there were no amounts outstanding under the 2024 Revolving Facility and we were in compliance with all covenants. In April 2026, in connection with the entry into the 2026 Senior Secured Credit Facilities, we terminated the 2024 Revolving Facility.
Current wording
In August 2024, we entered into an unsecured revolving credit facility (2024 Revolving Facility) providing for $600.0 million in revolving loan commitments. The 2024 Revolving Facility was intended to finance ongoing working capital needs and for other general corporate purposes. In April 2026, in connection with the entry into the 2026 Senior Secured Credit Facilities, we terminated the 2024 Revolving Facility.
Previous wording
For additional information related to our long-term debt, see Note 6 and Note 13 to our accompanying Condensed Consolidated Financial Statements and Note 10 to the Consolidated Financial Statements accompanying our Annual Report on Form 10-K for the year ended December 31, 2025.
Current wording
See Note 7 -Debt to our Condensed Consolidated Financial Statements for additional information regarding our indebtedness and the 2026 Senior Secured Credit Facilities and Note 10 to the Consolidated Financial Statements accompanying our Annual Report on Form 10-K for the year ended December 31, 2025.
Previous wording
As of March 31, 2026, we had obligations of approximately $593.6 million, of which $327.8 million is expected to be paid in 2026. Our purchase obligations are primarily related to firm purchase commitments entered into in the normal course of business to procure active pharmaceutical ingredients, certain inventory-related items, certain third-party R&D services, production services and facility construction services.
Current wording
As of June 30, 2026, we had obligations of approximately $854.4 million, of which $361.5 million is expected to be paid in 2026. Our purchase obligations are primarily related to firm purchase commitments entered into in the normal course of business to procure active pharmaceutical ingredients, certain inventory-related items, certain third-party R&D services, production services and facility construction services.
Previous wording
See Note 12 to our accompanying Condensed Consolidated Financial Statements for additional information on our commitments.
Current wording
See Note 13 -Commitments and Contingencies to our accompanying Condensed Consolidated Financial Statements for additional information on our commitments.
Previous wording
There have been no significant changes to our critical accounting estimates during the three months ended March 31, 2026, compared to those disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026.
Current wording
There have been no significant changes to our critical accounting estimates during the six months ended June 30, 2026, compared to those disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026.
Previous wording
See Note 1 to our accompanying Condensed Consolidated Financial Statements for a description of recent accounting pronouncements, if any, and our expectation of their impact on our results of operations and financial condition.
Current wording
See Note 1 -Business Overview and Significant Accounting Policies to our accompanying Condensed Consolidated Financial Statements for a description of recent accounting pronouncements, if any, and our expectation of their impact on our results of operations and financial condition.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
•PALYNZIQ: higher sales volume from new patients initiating therapy, primarily in the U.S.
Current report — wording carried from elsewhere
The following table shows our Net Product Revenues denominated in USD and foreign currencies: